CREDITSUISSE FIRST BOSTONPAGE 1

AMERICAN HONDA FINANCECORPORATIONAnnual Statement to Certificateholder—Honda AutoReceivables 2003-2 Owner Trust04/01/05 through03/31/06

|                                                   |  |  |                   |  |  |  |  |        |  |
|---------------------------------------------------|--|--|-------------------|--|--|--|--|--------|--|
| I.ORIGINAL DEAL PARAMETER INPUTS                  |  |  |              |  |  |  |  |   |  |
| (A) TotalPortfolio Balance                        |  |  | $1,585,414,912.47 |  |  |  |  |   |  |
| (B)Total Securities Balance                       |  |  | $1,585,414,912.47 |  |  |  |  |   |  |
| (C)Class A-1Notes                                 |  |  |              |  |  |  |  |   |  |
| (i) ClassA-1 NotesBalance                         |  |  | $383,000,000.00   |  |  |  |  |   |  |
| (ii) ClassA-1 Notes Percentage (C(i)/B)           |  |  | 24.16%            |  |  |  |  |   |  |
| (iii) Class A-1 NotesRate                         |  |  | 1.23313%          |  |  |  |  |   |  |
| (iv) ClassA-1 Notes Accrual Basis                 |  |  | Actual/360        |  |  |  |  |   |  |
| (D)Class A-2 Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-2Notes Balance                        |  |  | $430,000,000.00   |  |  |  |  |   |  |
| (ii)Class A-2 Notes Percentage (D(i)/B)           |  |  | 27.12%            |  |  |  |  |   |  |
| (iii) Class A-2 NotesRate                         |  |  | 1.340%            |  |  |  |  |   |  |
| (iv) Class A-2Notes Accrual Basis                 |  |  | 30/360            |  |  |  |  |   |  |
| (E)Class A-3 Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-3Notes Balance                        |  |  | $428,000,000.00   |  |  |  |  |   |  |
| (ii)Class A-3 Notes Percentage (E(i)/B)           |  |  | 27.00%            |  |  |  |  |   |  |
| (iii) Class A-3 NotesRate                         |  |  | 1.690%            |  |  |  |  |   |  |
| (iv) Class A-3Notes Accrual Basis                 |  |  | 30/360            |  |  |  |  |   |  |
| (F)Class A-4 Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-4Notes Balance                        |  |  | $308,740,000.00   |  |  |  |  |   |  |
| (ii)Class A-4 Notes Percentage (F(i)/B)           |  |  | 19.47%            |  |  |  |  |   |  |
| (iii) Class A-4 NotesRate                         |  |  | 2.160%            |  |  |  |  |   |  |
| (iv) Class A-4Notes Accrual Basis                 |  |  | 30/360            |  |  |  |  |   |  |
| (G)Certificates                                   |  |  |              |  |  |  |  |   |  |
| (i) CertificatesBalance                           |  |  | $35,674,912.47    |  |  |  |  |   |  |
| (ii)Certificates Percentage (G(i)/B)              |  |  | 2.25%             |  |  |  |  |   |  |
| (iii) CertificatesRate                            |  |  | 2.160%            |  |  |  |  |   |  |
| (iv)Certificates Accrual Basis                    |  |  | 30/360            |  |  |  |  |   |  |
| (H)Servicing FeeRate                              |  |  | 1.00%             |  |  |  |  |   |  |
| (I)Portfolio Summary                              |  |  |              |  |  |  |  |   |  |
| (i) WeightedAverage Coupon (WAC)                  |  |  | 5.16%             |  |  |  |  |   |  |
| (ii) Weighted AverageOriginal Maturity (WAOM)     |  |  | 58.18             |  |  |  |  | months |  |
| (iii) Weighted AverageRemaining Maturity (WAM)    |  |  | 51.29             |  |  |  |  | months |  |
| (iv) Number ofReceivables                         |  |  | 98,208            |  |  |  |  |   |  |
| (J) ReserveFund                                   |  |  |              |  |  |  |  |   |  |
| (i) Reserve Account InitialDeposit Percentage     |  |  | 0.50%             |  |  |  |  |   |  |
| (ii) Reserve AccountInitial Deposit               |  |  | $7,927,074.56     |  |  |  |  |   |  |
| (iii) Specified ReserveAccountPercentage          |  |  | 0.75%             |  |  |  |  |   |  |
| (iv)Specified Reserve AccountBalance              |  |  | $11,890,611.84    |  |  |  |  |   |  |
| (K)Yield Supplement Account Deposit               |  |  | $6,519.48         |  |  |  |  |   |  |
| II.INPUTS FROM PREVIOUS MONTHLY SERVICERREPORTS   |  |  |              |  |  |  |  |   |  |
| (A) Total PortfolioBalance                        |  |  | $607,731,514.38   |  |  |  |  |   |  |
| (B)Total Securities Balance                       |  |  | $607,731,514.38   |  |  |  |  |   |  |
| (C) CumulativeNote and Certificate Pool Factor    |  |  | 0.3833265         |  |  |  |  |   |  |
| (D) Class A-1Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-1 NotesBalance                        |  |  | $0.00             |  |  |  |  |   |  |
| (ii) Class A-1 NotesPool Factor                   |  |  | 0.0000000         |  |  |  |  |   |  |
| (iii) ClassA-1 Notes Interest Carryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (iv) Class A-1 Notes PrincipalCarryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (E) Class A-2Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-2 NotesBalance                        |  |  | $0.00             |  |  |  |  |   |  |
| (ii) Class A-2 NotesPool Factor                   |  |  | 0.0000000         |  |  |  |  |   |  |
| (iii) ClassA-2 Notes Interest Carryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (iv) Class A-2 Notes PrincipalCarryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (F) Class A-3Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-3 NotesBalance                        |  |  | $279,893,953.89   |  |  |  |  |   |  |
| (ii) ClassA-3 Notes Pool Factor                   |  |  | 0.6539578         |  |  |  |  |   |  |
| (iii) Class A-3 NotesInterest Carryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (iv) Class A-3 Notes PrincipalCarryover Shortfall |  |  | $0.00             |  |  |  |  |   |  |
| (G) Class A-4Notes                                |  |  |              |  |  |  |  |   |  |
| (i) Class A-4 NotesBalance                        |  |  | $308,740,000.00   |  |  |  |  |   |  |
|                                                   |

----

|                                                   |  |  |                |  |  |  |  |        |  |
|---------------------------------------------------|--|--|----------------|--|--|--|--|--------|--|
| (ii) Class A-4 Notes Pool Factor                  |  |  | 1.0000000      |  |  |  |  |   |  |
| (iii) Class A-4 NotesInterest Carryover Shortfall |  |  | $0.00          |  |  |  |  |   |  |
| (iv) Class A-4 Notes PrincipalCarryover Shortfall |  |  | $0.00          |  |  |  |  |   |  |
| (H)Certificates                                   |  |  |           |  |  |  |  |   |  |
| (i) CertificatesBalance                           |  |  | $19,097,560.49 |  |  |  |  |   |  |
| (ii)Certificates Pool Factor                      |  |  | 0.5353219      |  |  |  |  |   |  |
| (iii) Certificates InterestCarryover Shortfall    |  |  | $0.00          |  |  |  |  |   |  |
| (iv)Certificates Principal Carryover Shortfall    |  |  | $0.00          |  |  |  |  |   |  |
| (I) ServicingFee                                  |  |  |           |  |  |  |  |   |  |
| (i) Servicing FeeShortfall                        |  |  | $0.00          |  |  |  |  |   |  |
| (J) End of PriorMonth Account Balances            |  |  |           |  |  |  |  |   |  |
| (i) ReserveAccount                                |  |  | $11,890,611.84 |  |  |  |  |   |  |
| (ii) YieldSupplement Account                      |  |  | $1,456.39      |  |  |  |  |   |  |
| (iii)Payahead Account                             |  |  | $0.00          |  |  |  |  |   |  |
| (iv)AdvancesOutstanding                           |  |  | $270,553.10    |  |  |  |  |   |  |
| (K)Portfolio Summary as of End of PriorYear       |  |  |           |  |  |  |  |   |  |
| (i) Weighted Average Coupon(WAC)                  |  |  | 5.02%          |  |  |  |  |   |  |
| (ii) WeightedAverage Remaining Maturity (WAM)     |  |  | 29.54          |  |  |  |  | months |  |
| (iii) Number ofReceivables                        |  |  | 65,199         |  |  |  |  |   |  |
| (L) Note andCertificate Percentages               |  |  |           |  |  |  |  |   |  |
| (i) NotePercentage                                |  |  | 97.03%         |  |  |  |  |   |  |
| (ii)Certificate Percentage                        |  |  | 2.97%          |  |  |  |  |   |  |
|                                                   |

----

CREDIT SUISSE FIRSTBOSTONPAGE 2

AMERICAN HONDA FINANCE CORPORATIONAnnualStatement to Certificateholder—Honda Auto Receivables 2003-2Owner Trust04/01/05 through03/31/06

|                                                                    |  |  |                 |  |  |  |  |        |  |
|--------------------------------------------------------------------|--|--|-----------------|--|--|--|--|--------|--|
| III.INPUTS FROM THE MAINFRAME                                      |  |  |            |  |  |  |  |   |  |
| (A) PrecomputedContracts Principal                                 |  |  |            |  |  |  |  |   |  |
| (i)Scheduled Principal Collections                                 |  |  | $0.00           |  |  |  |  |   |  |
| (ii)Prepayments in Full                                            |  |  | $0.00           |  |  |  |  |   |  |
| (iii)Prepayments in Full due to Repurchases                        |  |  | $0.00           |  |  |  |  |   |  |
| (B)Precomputed Contracts Total Collections                         |  |  | $0.00           |  |  |  |  |   |  |
| (C)Precomputed Interest Receivables Interest (B-A((i)+(ii)+(iii))) |  |  | $0.00           |  |  |  |  |   |  |
| (D)Simple Interest ReceivablesPrincipal                            |  |  |            |  |  |  |  |   |  |
| (i) PrincipalCollections                                           |  |  | $226,444,445.54 |  |  |  |  |   |  |
| (ii)Prepayments in Full                                            |  |  | $100,414,433.37 |  |  |  |  |   |  |
| (iii) RepurchasedReceivables Related to Principal                  |  |  | $0.00           |  |  |  |  |   |  |
| (E)Simple Interest ReceivablesInterest                             |  |  |            |  |  |  |  |   |  |
| (i) Simple InterestCollections                                     |  |  | $22,202,530.84  |  |  |  |  |   |  |
| (F)Payment Advance forPrecomputes                                  |  |  |            |  |  |  |  |   |  |
| (i) Reimbursement ofPrevious Advances                              |  |  | $0.00           |  |  |  |  |   |  |
| (ii)Current Advance Amount                                         |  |  | $0.00           |  |  |  |  |   |  |
| (G) InterestAdvance for simple Interest–Net                  |  |  | ($131,651.66)   |  |  |  |  |   |  |
| (H)Payahead Account                                                |  |  | $0.00           |  |  |  |  |   |  |
| (i) PaymentsApplied                                                |  |  | $0.00           |  |  |  |  |   |  |
| (ii) AdditionalPayaheads                                           |  |  | $0.00           |  |  |  |  |   |  |
| (I)Portfolio Summary as of End ofMonth                             |  |  |            |  |  |  |  |   |  |
| (i) Weighted Average Coupon(WAC)                                   |  |  | 4.92%           |  |  |  |  |   |  |
| (ii) WeightedAverage Remaining Maturity (WAM)                      |  |  | 18.64           |  |  |  |  | months |  |
| (iii) Remaining Number ofReceivables                               |  |  | 46,468          |  |  |  |  |   |  |
|                                                                    |

|                                                       |  |  |        |  |       |              |  |  |  |  |      |   |  |  |               |  |  |  |  |      |   |
|-------------------------------------------------------|--|--|--------|--|-------|--------------|--|--|--|--|------|---|--|--|---------------|--|--|--|--|------|---|
| (J)DelinquentReceivables                              |  |  | #Units |  |       | DollarAmount |
| (i) 30-59 Days Delinquent                             |  |  |        |  | 1,441 |              |  |  |  |  | 3.10 | % |  |  | $8,755,188.21 |  |  |  |  | 3.16 | % |
| (ii)60-89 Days Delinquent                             |  |  |        |  | 328   |              |  |  |  |  | 0.71 | % |  |  | $2,187,470.33 |  |  |  |  | 0.79 | % |
| (iii)90 Days or More Delinquent                       |  |  |        |  | 80    |              |  |  |  |  | 0.17 | % |  |  | $620,110.88   |  |  |  |  | 0.22 | % |
| (K)Vehicles Repossessed During CollectionPeriod       |  |  |        |  | 16    |              |  |  |  |  | 0.03 | % |  |  | $125,137.59   |  |  |  |  | 0.05 | % |
| (L)Total Accumulated Repossessed Vehicles inInventory |  |  |        |  | 29    |              |  |  |  |  | 0.06 | % |  |  | $226,655.31   |  |  |  |  | 0.08 | % |
|                                                       |

|                                                     |  |  |               |
|-----------------------------------------------------|--|--|---------------|
| IV. INPUTS DERIVED FROM OTHERSOURCES                |  |  |          |
| (A) CollectionAccount InvestmentIncome              |  |  | $0.00         |
| (B) Reserve Account Investment Income               |  |  | $433,386.28   |
| (C) Yield Supplement AccountInvestment Income       |  |  | $32.67        |
| (D) Trust FeesExpense                               |  |  | $9,000.00     |
| (E) Aggregate Net Lossesfor Collection Period       |  |  | $571,179.05   |
| (F) Liquidated ReceivablesInformation               |  |  |          |
| (i) GrossPrincipal Balance on LiquidatedReceivables |  |  | $4,220,131.22 |
| (ii)Liquidation Proceeds                            |  |  | $1,431,806.96 |
| (ii) Recoveriesfrom Prior Month Charge Offs         |  |  | $2,217,145.21 |
| (G) Days in AccrualPeriod                           |  |  | 365           |
| (H) Dealage                                         |  |  | 35            |
|                                                     |

COLLECTIONS

|                                                                       |  |  |                 |
|-----------------------------------------------------------------------|--|--|-----------------|
| V. INTERESTCOLLECTIONS                                                |  |  |            |
| (A) Total InterestCollections(III(C+E(i)+G)                           |  |  | $22,070,879.18  |
| VI.PRINCIPAL COLLECTIONS                                              |  |  |            |
| (A) PrincipalPayments Received (III(A((i)+(ii))+(D(i)+(ii)))          |  |  | $326,858,878.91 |
| (B) Liquidation Proceeds(IV(H(i)))                                    |  |  | $1,431,806.96   |
| (C)Repurchased Loan Proceeds Related to Principal(III(A(iii)+D(iii))) |  |  | $0.00           |
| (D)Recoveries from Prior Charge Offs(IV(H(ii)))                       |  |  | $2,217,145.21   |
| (E) TotalPrincipal Collections (A+B+C+D)                              |  |  | 330,507,831.08  |
| VII. TOTALINTEREST AND PRINCIPAL COLLECTIONS (V(C)+VI(E))             |  |  | 352,578,710.26  |
| VIII. YIELDSUPPLEMENTDEPOSIT                                          |  |  | $1,060.62       |
| IX.TOTAL AVAILABLE AMOUNT (VII+VIII)                                  |  |  | 352,579,770.88  |
|                                                                       |

----

|                                                       |  |  |               |
|-------------------------------------------------------|--|--|---------------|
| DISTRIBUTIONS                                         |
| X. FEE DISTRIBUTIONS                                  |  |  |          |
| (A)Servicing Fee                                      |  |  |          |
| (i) Servicing Fee Due(I(H)/12)(II(B))+(II(H)(i))      |  |  | $4,445,605.49 |
| (ii)Servicing Fee Paid                                |  |  | 4,445,605.49  |
| (iii)Servicing Fee Shortfall                          |  |  | $0.00         |
| (B)Reserve Account Investment Income (IV(B))          |  |  | 433,386.28    |
| (C) Yield Supplement AccountInvestment Income (IV(C)) |  |  | $0.00         |
| (D)Trust Fees Expense(IV(D))                          |  |  | 9,000.00      |
| XI.DISTRIBUTIONS TONOTEHOLDERS                        |  |  |          |
| (A)Interest                                           |  |  |          |
| (i) Class A-1Notes                                    |  |  |          |
| (a) Class A-1 NotesInterest Due                       |  |  | $0.00         |
| (b) Class A-1 NotesInterest Paid                      |  |  | 0.00          |
| (c)Class A-1 Notes Interest Shortfall                 |  |  | $0.00         |
| (ii) Class A-2Notes                                   |  |  |          |
| (a) Class A-2 Notes Interest Due                      |  |  | $0.00         |
| (b) Class A-2 Notes Interest Paid                     |  |  | 0.00          |
| (c) Class A-2 NotesInterest Shortfall                 |  |  | $0.00         |
| (iii) Class A-3Notes                                  |  |  |          |
| (a) Class A-3 Notes Interest Due                      |  |  | $2,079,984.03 |
| (b) Class A-3 Notes InterestPaid                      |  |  | 2,079,984.03  |
| (c)Class A-3 Notes Interest Shortfall                 |  |  | $0.00         |
| (iv) Class A-4Notes                                   |  |  |          |
| (a) Class A-4 Notes Interest Due                      |  |  | $6,636,236.83 |
| (b) Class A-4 Notes InterestPaid                      |  |  | 6,636,236.83  |
| (c)Class A-4 Notes Interest Shortfall                 |  |  | $0.00         |
|                                                       |

----

CREDIT SUISSE FIRSTBOSTONPAGE 3

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2003-2 Owner Trust 04/01/05 through 03/31/06

|                                                                                              |  |  |                 |
|----------------------------------------------------------------------------------------------|--|--|-----------------|
| (v)Total Note Interest                                                                       |  |  |            |
| (a) Total NoteInterest Due                                                                   |  |  | $8,716,220.86   |
| (b)Total Note Interest Paid                                                                  |  |  | 8,716,220.86    |
| (c) Total NoteInterest Shortfall                                                             |  |  | $0.00           |
| (d) Reserve FundWithdrawn for Note Interest                                                  |  |  | $0.00           |
| Amount available for distributionsafter Fees & Interest(VIII-(IX(A)(ii)-(D))-X(A)(v)(b)) |  |  | 339,408,944.53  |
| (B)Principal                                                                                 |  |  |            |
| (i) Noteholders'Principal Distribution Amounts                                               |  |  | $321,245,963.53 |
| (ii) Class A-1Notes Principal                                                                |  |  |            |
| (a) Class A-1 NotesPrincipal Due                                                             |  |  | —         |
| (b) Class A-1 NotesPrincipal Paid                                                            |  |  | 0.00            |
| (c)Class A-1 Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) Reserve Fund drawn                                                                       |  |  | $0.00           |
| (iii) Class A-2 NotesPrincipal                                                               |  |  |            |
| (a) Class A-2 Notes PrincipalDue                                                             |  |  | $0.00           |
| (b) Class A-2 Notes PrincipalPaid                                                            |  |  | 0.00            |
| (c) Class A-2Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) ReserveFund drawn                                                                        |  |  | $0.00           |
| (iv) ClassA-3 Notes Principal                                                                |  |  |            |
| (a) Class A-3 NotesPrincipal Due                                                             |  |  | $279,893,953.89 |
| (b) Class A-3Notes Principal Paid                                                            |  |  | 279,893,953.89  |
| (c) Class A-3Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) ReserveFund drawn                                                                        |  |  | $0.00           |
| (v) ClassA-4 Notes Principal                                                                 |  |  |            |
| (a) Class A-4 NotesPrincipal Due                                                             |  |  | $41,352,009.64  |
| (b) Class A-4Notes Principal Paid                                                            |  |  | 41,352,009.64   |
| (c) Class A-4Notes Principal Shortfall                                                       |  |  | $0.00           |
| (d) ReserveFund drawn                                                                        |  |  | $0.00           |
| (vi) TotalNotes Principal                                                                    |  |  |            |
| (a) Total Notes PrincipalDue                                                                 |  |  | $321,245,963.53 |
| (b) Total NotesPrincipal Paid                                                                |  |  | 321,245,963.53  |
| (c) TotalNotes Principal Shortfall                                                           |  |  | $0.00           |
| (d) ReserveFund drawn                                                                        |  |  | $0.00           |
| XII.RESERVE FUND DEPOSIT                                                                     |  |  |            |
| Amount availablefor deposit into reserveaccount                                              |  |  | $18,162,981.00  |
| Amountdeposited into reserveaccount                                                          |  |  | 0.00            |
| Excess Amount Releasedfrom ReserveAccount                                                    |  |  | 0.00            |
| Excessfunds available toCertificateholders                                                   |  |  | 18,162,981.00   |
| XIII.DISTRIBUTIONS TOCERTIFICATEHOLDERS                                                      |  |  |            |
| (A)Interest                                                                                  |  |  |            |
| (i) Certificate MonthlyInterest Due                                                          |  |  | $307,829.87     |
| (ii)Certificate Interest Shortfall BeginningBalance                                          |  |  | $0.00           |
| (iii) Total CertificateInterest Due                                                          |  |  | $307,829.87     |
| (iv)Certificate Interest Paid                                                                |  |  | 307,829.87      |
| (v)Certificate Interest Shortfall EndingBalance                                              |  |  | $0.00           |
| (B)Principal                                                                                 |  |  |            |
| (i) Certificate MonthlyPrincipal Due                                                         |  |  | $9,833,046.60   |
| (ii)Certificate Principal Shortfall BeginningBalance                                         |  |  | $0.00           |
| (iii) Total CertificatePrincipal Due                                                         |  |  | $9,833,046.60   |
| (iv)Certificate Principal Paid                                                               |  |  | 9,833,046.60    |
| (v)Certificate Principal Shortfall EndingBalance                                             |  |  | $0.00           |
| (C) Release toSeller                                                                         |  |  | $8,022,104.53   |
|                                                                                              |

----

|                                          |  |  |                 |
|------------------------------------------|--|--|-----------------|
| DISTRIBUTIONSSUMMARY                     |
| (A) TotalCollections                     |  |  | $352,579,770.88 |
| (B)Service Fee                           |  |  | $4,445,605.49   |
| (C) TrusteeFees                          |  |  | $9,000.00       |
| (D) Class A1Amount                       |  |  | $0.00           |
| (E) Class A2Amount                       |  |  | $0.00           |
| (F) Class A3Amount                       |  |  | $281,973,937.92 |
| (G) Class A4Amount                       |  |  | $47,988,246.47  |
| (H) Amount Depositedinto Reserve Account |  |  | $0.00           |
| (I)Certificateholders                    |  |  | $10,140,876.47  |
| (J)Release to seller                     |  |  | $8,022,104.53   |
| (K) Totalamount distributed              |  |  | $352,579,770.88 |
| (L)Amount of Draw from Reserve Account   |  |  | 0.00            |
|                                          |

|                                                         |  |  |                   |  |  |  |  |        |  |  |  |                 |  |  |  |  |        |  |
|---------------------------------------------------------|--|--|-------------------|--|--|--|--|--------|--|--|--|-----------------|--|--|--|--|--------|--|
| PORTFOLIOAND SECURITY SUMMARY                           |
|                                                    |  |  | BeginningofPeriod |  |  |  |  |   |  |  |  | Endof Period    |  |  |  |  |   |  |
| XIV. POOL BALANCES AND PORTFOLIOINFORMATION             |  |  |              |  |  |  |  |   |  |  |  |            |  |  |  |  |   |  |
| (A)Balances and PrincipalFactors                        |  |  |              |  |  |  |  |   |  |  |  |            |  |  |  |  |   |  |
| (i)Aggregate Balance of Notes                           |  |  | $588,633,953.89   |  |  |  |  |   |  |  |  | $267,387,990.36 |  |  |  |  |   |  |
| (ii)Note Pool Factor                                    |  |  | 0.3798276         |  |  |  |  |   |  |  |  | 0.1725373       |  |  |  |  |   |  |
| (iii)Class A-1 Notes Balance                            |  |  | 0.00              |  |  |  |  |   |  |  |  | 0.00            |  |  |  |  |   |  |
| (iv) ClassA-1 Notes Pool Factor                         |  |  | 0.0000000         |  |  |  |  |   |  |  |  | 0.0000000       |  |  |  |  |   |  |
| (v)Class A-2 Notes Balance                              |  |  | 0.00              |  |  |  |  |   |  |  |  | 0.00            |  |  |  |  |   |  |
| (vi) ClassA-2 Notes Pool Factor                         |  |  | 0.0000000         |  |  |  |  |   |  |  |  | 0.0000000       |  |  |  |  |   |  |
| (vii)Class A-3 Notes Balance                            |  |  | 279,893,953.89    |  |  |  |  |   |  |  |  | 0.00            |  |  |  |  |   |  |
| (viii)Class A-3 Notes Pool Factor                       |  |  | 0.6539578         |  |  |  |  |   |  |  |  | 0.0000000       |  |  |  |  |   |  |
| (ix)Class A-4 Notes Balance                             |  |  | 308,740,000.00    |  |  |  |  |   |  |  |  | 267,387,990.36  |  |  |  |  |   |  |
| (x)Class A-4 Notes Pool Factor                          |  |  | 1.0000000         |  |  |  |  |   |  |  |  | 0.8660620       |  |  |  |  |   |  |
| (xi)Certificates Balance                                |  |  | 19,097,560.49     |  |  |  |  |   |  |  |  | 9,264,513.89    |  |  |  |  |   |  |
| (xii)Certificates Pool Factor                           |  |  | 0.5353219         |  |  |  |  |   |  |  |  | 0.2596927       |  |  |  |  |   |  |
| (xiii)Total Principal Balance of Notes and Certificates |  |  | 607,731,514.38    |  |  |  |  |   |  |  |  | 276,652,504.25  |  |  |  |  |   |  |
| (B)PortfolioInformation                                 |  |  |              |  |  |  |  |   |  |  |  |            |  |  |  |  |   |  |
| (i)Weighted Average Coupon (WAC)                        |  |  | 5.02%             |  |  |  |  |   |  |  |  | 4.92%           |  |  |  |  |   |  |
| (ii)Weighted Average Remaining Maturity (WAM)           |  |  | 29.54             |  |  |  |  | months |  |  |  | 18.64           |  |  |  |  | months |  |
| (iii)Remaining Number of Receivables                    |  |  | 65,199            |  |  |  |  |   |  |  |  | 46,468          |  |  |  |  |   |  |
| (iv)Portfolio Receivable Balance                        |  |  | $607,731,514.38   |  |  |  |  |   |  |  |  | $276,652,504.25 |  |  |  |  |   |  |
| (C)Outstanding AdvanceAmount                            |  |  | $270,553.10       |  |  |  |  |   |  |  |  | $138,901.44     |  |  |  |  |   |  |
| (D)Outstanding PayaheadBalance                          |  |  | $0.00             |  |  |  |  |   |  |  |  | $0.00           |  |  |  |  |   |  |
|                                                         |

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CREDIT SUISSE FIRSTBOSTONPAGE 4

AMERICAN HONDA FINANCE CORPORATIONAnnual Statement to Certificateholder—Honda Auto Receivables2003-2 Owner Trust 04/01/05 through 03/31/06

|                                                       |  |  |                |
|-------------------------------------------------------|--|--|----------------|
| SUMMARYOF ACCOUNTS                                    |
| XV. RECONCILIATION OF RESERVEACCOUNT                  |  |  |           |
| (A) Beginning ReserveAccount Balance                  |  |  | $11,890,611.84 |
| (B)Draws                                              |  |  |           |
| (i) Draw for Servicing Fee                            |  |  | 0.00           |
| (ii) Draw for Interest                                |  |  | 0.00           |
| (iii) Draw for Realized Losses                        |  |  | 0.00           |
| (C) Excess Interest Deposited into theReserve Account |  |  | 0.00           |
| (D) Reserve AccountBalance Prior to Release           |  |  | 11,890,611.84  |
| (E)Reserve Account Required Amount                    |  |  | 11,890,611.84  |
| (F) Final Reserve Account RequiredAmount              |  |  | 11,890,611.84  |
| (G) Excess ReserveAccount Amount                      |  |  | 0.00           |
| (H) Ending ReserveAccount Balance                     |  |  | 11,890,611.84  |
| XVI.RECONCILIATION OF YIELD SUPPLEMENTACCOUNT         |  |  |           |
| (A) Beginning Yield SupplementAccount Balance         |  |  | 1,456.39       |
| (B) InvestmentEarnings                                |  |  | 32.67          |
| (C) Investment EarningsWithdraw                       |  |  | 0.00           |
| (D) Additional YieldSupplement Amounts                |  |  | 0.00           |
| (E) Yield SupplementDeposit Amount                    |  |  | $1,060.62      |
| (F) Ending YieldSupplement AccountBalance             |  |  | 428.44         |
| XVII.NET LOSS AND DELINQUENCY ACCOUNTACTIVITY         |  |  |           |
| (A) LiquidatedContracts                               |  |  |           |
| (i)LiquidationProceeds                                |  |  | $1,431,806.96  |
| (ii)Recoveries on Previously Liquidated Contracts     |  |  | 2,217,145.21   |
| (B) Aggregate Net Losses forCollection Period         |  |  | 571,179.05     |
| (C) Net LossRate for Collection Period (annualized)   |  |  | 0.13%          |
| (D) Cumulative Net Losses for allPeriods              |  |  | 7,205,251.14   |
|                                                       |

|                                                       |  |  |        |  |       |              |  |  |  |  |      |   |  |  |  |   |              |  |  |  |  |  |      |   |
|-------------------------------------------------------|--|--|--------|--|-------|--------------|--|--|--|--|------|---|--|--|--|---|--------------|--|--|--|--|--|------|---|
| (E)Delinquent Receivables                             |  |  | #Units |  |       | DollarAmount |
| (i) 30-59 Days Delinquent                             |  |  |        |  | 1,441 |              |  |  |  |  | 3.10 | % |  |  |  | $ | 8,755,188.21 |  |  |  |  |  | 3.16 | % |
| (ii)60-89 Days Delinquent                             |  |  |        |  | 328   |              |  |  |  |  | 0.71 | % |  |  |  | $ | 2,187,470.33 |  |  |  |  |  | 0.79 | % |
| (ii)90 Days or More Delinquent                        |  |  |        |  | 80    |              |  |  |  |  | 0.17 | % |  |  |  | $ | 620,110.88   |  |  |  |  |  | 0.22 | % |
| XVIII.REPOSSESSIONACTIVITY                            |  |  | #Units |  |       | DollarAmount |
| (A) Vehicles RepossessedDuring CollectionPeriod       |  |  |        |  | 16    |              |  |  |  |  | 0.03 | % |  |  |  | $ | 125,137.59   |  |  |  |  |  | 0.05 | % |
| (B)Total Accumulated Repossessed Vehicles inInventory |  |  |        |  | 29    |              |  |  |  |  | 0.06 | % |  |  |  | $ | 226,655.31   |  |  |  |  |  | 0.08 | % |
|                                                       |

|                                                                                                       |  |  |                     |
|-------------------------------------------------------------------------------------------------------|--|--|---------------------|
| XIX.TESTS FOR INCREASE IN SPECIFIED RESERVE ACCOUNTBALANCE                                            |  |  |                |
| (A) Ratio of Net Losses to the PoolBalance as of Each CollectionPeriod                                |  |  |                |
| (i) Second PrecedingCollection Period                                                                 |  |  | 0.63%               |
| (ii)Preceding Collection Period                                                                       |  |  | -0.51%              |
| (iii) Current CollectionPeriod                                                                        |  |  | -0.93%              |
| (iv) Three MonthAverage (Avg(i,ii,iii))                                                               |  |  | -0.27%              |
| (B) Ratio ofBalance of Contracts Delinquent 60 Days or More to the OutstandingBalance of Receivables. |  |  |                |
| (i)Second Preceding Collection Period                                                                 |  |  | 1.42%               |
| (ii) Preceding CollectionPeriod                                                                       |  |  | 1.10%               |
| (iii) CurrentCollection Period                                                                        |  |  | 0.94%               |
| (iv) ThreeMonth Average (Avg(i,ii,iii))                                                               |  |  | 1.15%               |
| (C)Loss and Delinquency Trigger Indicator                                                             |  |  | Trigger was nothit. |
|                                                                                                       |

I hereby certify that the servicingreport provided is true and accurate to the best of myknowledge.

/s/ Paul C. HondaPaul C.HondaAssistant Vice President, Assistant Secretary and ComplianceOfficer

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